Core Compliance Blog

Core Compliance Blog Spotlight

In an Oct. 30, 2018, press release, the Securities and Exchange Commission (SEC) has announced that a proposal for updated disclosure agreements involving the complicated arena of variable annuities and variable life insurance contracts has been approved for public comment.
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Core Compliance Blog Spotlight

Cyberattacks pose a very real threat to all modern businesses, from massive corporate conglomerates to smaller local establishments, causing ever greater financial losses and increased headache each year for all who are affected.
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On November 14, 2016, Mary Jo White, SEC Chair, announced her plans to step down at the end of the Obama Administration. During her tenure, the SEC brought more than 2,850 enforcement actions and obtained judgements and orders that tallied more than $13.4 billion in monetary sanctions. Although...

On October 27, 2016, the DOL issued highly anticipated guidance on the Conflicts of Interest Rule in the form of FAQs that address the exemptions. The Director of the Employee Benefits Security Administration (“EBSA”), Phyllis Borzi, indicated this is the first of three sets of FAQs and the second...

Recently, the London-based public accounting firm Ernst & Young, along with a senior partner and an auditor agreed to pay approximately $9.3 million in settlement charges after SEC investigations determined that there had been violations of auditor independence rules. According to the news release...

On August 25, 2016, the SEC issued press release 2016-167 detailing the results of an enforcement sweep leading to settlements with thirteen investment advisers for advertising a third-party’s false performance claims.

At the end of August, the Securities and Exchange Commission (“SEC”) issued a release amending a number of rules under the Investment Advisers Act of 1940 (“Advisers Act”), as well as Form ADV, which is the registration and reporting form for investment advisers. The SEC outlined in their release...

On August 15, 2016, the National Futures Association (NFA), the self-regulatory organization for the U.S. derivatives industry, made revisions to its Self-Examination Questionnaire that is required to be completed annually by Financial Commission Merchants (FCMs), Forex Dealer Members (FDMs),...

On August 10, 2016, the SEC filed a complaint in federal court against Merrill Robertson Jr., a former Philadelphia Eagles football player, with defrauding investors. Mr. Robertson, along with Sherman C. Vaughn, Jr., and the company they co-owned, Cavalier Union Investments LLC, allegedly promised...

On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule on customer due diligence (the “CDD Rule”). This rule addresses new and existing due diligence requirements for Covered Financial Institutions (as defined in the rule), which include banks, broker-dealers,...